Reflective cracking is a common distress of old pavement overlaid with an asphalt layer. The asphalt rubber stress-absorbing membrane interlayer can effectively mitigate and prevent reflective cracking. However, the existing test methods and evaluation indices for the crack resistance of the asphalt rubber stress-absorbing membrane interlayer are insufficient and unsystematic. They do not account for the significant effect of gradation parameters on the crack resistance in a comprehensive way. Therefore, this research aims to explore the impact of gradation parameters on the performance of the asphalt rubber stress-absorbing membrane interlayer. Based on the Chinese and U.S. standards, three kinds of 10 types of gradation were selected, forming a total of seven groups. The asphalt rubber stress-absorbing membrane interlayer was subjected to −10 °C and 15 °C beam bending test, low-temperature semi-circular bend test, crack expansion semi-circular bend test, and overlay test to evaluate its cracking resistance. The correlation and influence law between the key sieve hole method, graded fractal method, and Bayley method parameters of different grades and beam bending test, low-temperature semi-circular bend test, crack expansion semi-circular bend test, and overlay test indexes were quantitatively analyzed by the coefficient of variation and Pearson correlation analysis method. The results showed that the performance of the mixtures with different gradation ranges varied significantly in different tests, as indicated by the maximum difference of 56.07% in stress absorption. This implied that gradation is a critical factor that affects the stress absorption performance of mixes. The different sensitivities of different tests to the parameters of the key sieve method, the graded fractal method, and the Bailey method indicated that the stress absorption performance was affected by a combination of factors. Therefore, in order to evaluate and optimize the stress absorption performance, it was necessary to comprehensively consider the interactions among the parameters of the key sieve method, the graded fractal method, and the Bailey method. The stress absorption performance included crack resistance and crack expansion resistance, which were inversely related and needed to be balanced and optimized during design. The −10 °C beam bending test and crack expansion semi-circular bend tests were more suitable test methods for evaluating stress absorption performance, and maximum flexural–tensile strain, strain energy density, fracture energy, and flexibility index were recommended as evaluation indicators. This research provides a reference for the optimization of the grading design of asphalt rubber stress-absorbing membrane interlayers, and provides test methods and indicators for the evaluation of crack resistance.